Mobile VAS company OnMobile has settled a patent infringement case with US-based Synchronoss Technologies for $3 million (about R18 crore). Synchronoss had filed a suit against OnMobile Global and two of its group entities, OnMobile USA LLC and Voxmobili SA, France, alleging infringement of patents by some synchronisation products of Voxmobili SA in the District Court of New Jersey. Synchronoss has received $3 million towards the settlement. OnMobile may have to pay to Synchronoss an additional $3 million; however, subject to contingencies and conditions attached thereto, the occurrence of which cannot be estimated with reasonable certainty at this stage, it added.
FIIs raise holdings in 16 Sensex cos in Jan-March
Taking a positive stance on Indian stocks, foreign funds increased their exposure to 16 Sensex companies, including Infosys, RIL and HDFC, for the quarter ended March 31, 2014. Foreign institutional investors (FIIs), however, reduced their stakes in 10 firms, including Tata Motors, Tata Power, TCS, Coal India and HDFC Bank during the March quarter in comparison to the preceding (October-December) quarter. The latest shareholding patterns in three blue-chip Sensex companies ? Maruti Suzuki India, Cipla and Sesa Sterlite ? were not available.
Alstom bags ?30-m contract from BHEL
French power equipment maker Alstom said it has bagged a 30-million-euro contract from state-owned firm BHEL for setting up a thermal power plant at Jharsaguda in Odisha. “Alstom has been awarded a contract by BHEL worth close to euro 30 million (approximately R2,500 crore) for executing the 2×660 MW Banharpalli thermal power project in Odisha,” the company said in a statement. Under the scope of the contract, Alstom will cooperate with BHEL in designing the boilers and supply identified pressure parts of the 660 MW supercritical boilers, the
statement said.
Pipavav Port trims capex target to R460 crore
Citing concerns over demand, APM Terminals-run Gujarat Pipavav Port has reduced its capital expansion target to R460 crore and decided not to add any more capacity on the bulk cargo front and container handling. The company had earlier announced it will infuse $199 million, or R1,100 crore, for expanding its container handling and bulk capacities. It said a slew of factors, including question marks over demand, led it to redraw strategies.
ICICI Pru MF to launch dividend yield fund
ICICI Prudential Mutual Fund is launching a new open-ended ‘ICICI Prudential Dividend Yield Equity Fund’. The new fund offer will open for subscription on April 25 and close on May 9, 2014, a release said. As per the fund house, the new scheme aims to provide medium- to long-term capital gains and dividend distribution by investing in a well-diversified portfolio of predominantly equity and equity-related instruments that offer attractive dividend yield. The fund house also said the scheme will invest mostly in companies that have dividend yield greater than the dividend yield of CNX Nifty Index at the time of investment.
SAIL commissions ladle furnace in Durgapur
Steel Authority of India (SAIL) has commissioned a ladle furnace with a cumulative capacity of 1 million tonne per annum at its Durgapaur plant. “The modernisation and expansion drive of SAIL crossed yet another landmark as Durgapur Steel Plant (DSP) added on stream a new 125 tonne ladle furnace of 1 mtpa capacity installed at a cost of R53 crore,” SAIL said
in a statement.
Wonderla Holidays raises Rs 27 crore ahead of IPO
Amusement park operator Wonderla Holidays has raised about R27 crore from anchor investors ahead of its initial public offering next week, selling shares at the upper end of the price band. The company plans to raise over R180 crore through the initial public offering , the first in the current financial year. The offer will be open from April 21 to April 23. Wonderla allotted shares to three anchor investors ? Aditya Birla Private Equity Trust (6.75 lakh shares), TV Shriram Growth Fund 1B (7.75 lakh shares) and HDFC Trustee Company ? HDFC Infrastructure Fund (7.25 lakh shares).
Rays Power to start two solar plants in FY15
Rays Power Experts, a solar power development and EPC company, has said it will commission two solar power plants during the current financial year. “Our (5 MW) Naguar plant in Rajasthan will be ready by the end of the fiscal FY15 and one at (25 MW) Medak in Andhra Pradesh is likely to be commissioned by September 2014,” Ketan Mehta, Director, Rays Power Infra said. He added that the company is yet to acquire land for its proposed solar park at Neemuch in Madhya Pradesh.
